Prime Minister's Office
English rendering of PM’s video message at Madhya Pradesh Global Investors Summit 2023 in Indore, Madhya Pradesh
Namaskar!
A very warm welcome to all the investors and entrepreneurs to the Madhya Pradesh Investors Summit! The role of Madhya Pradesh is very crucial in building a developed India. From devotion & spirituality to tourism; from agriculture to education and skill development, MP holds a place of uniqueness, magnificence and awareness.
Friends,
This summit is being held in Madhya Pradesh at a time when the golden era of 'Azadi Ka Amritkaal' has begun. We all are working together to build a developed India. And when we talk about a developed India, it is not just our aspiration, but also the resolve of every Indian. I am glad that not only we Indians, but every organization and every expert in the world is confident about the same.
Friends,
The IMF sees India as a bright spot in the global economy. The World Bank says that India is in a better position to deal with global headwinds than many other countries. This is because of India's strong macroeconomic fundamentals. OECD has said that India will be among the fastest-growing economies in the G-20 group this year. According to Morgan Stanley, India is moving towards becoming the world's third largest economy in the next 4-5 years. The CEO of McKinsey has said that this is not only India's decade but India's century. Institutions and credible voices that track the global economy have unprecedented confidence in India. The same optimism is also shared by global investors. Recently, a prestigious international bank conducted a survey. They found that a majority of the investors preferred India. Today, India is receiving record-breaking FDI. Even your presence among us reflects this sentiment.
Friends,
This optimism for India is driven by strong democracy, young demography and political stability. Due to these, India is taking decisions that boost ease of living and ease of doing business. Even during a once-in-a-century crisis, we took the path of reforms. India has been on the path of 'Reform, Transform and Perform' since 2014. The 'Atmanirbhar Bharat Abhiyan' has imparted greater momentum to it. As a result, India has become an attractive destination for investment.
Friends,
A stable government, a decisive government, a government running with the right intentions, ensures development at an unprecedented pace. Every important decision for the country is taken as fast as possible. You have also seen how in the last 8 years, we have continuously increased the speed and scale of reforms. We have removed several hurdles in the path of investment with many such reforms related to recapitalization and governance in the banking sector, creating a modern resolution framework like IBC, creating a system like One Nation One Tax in the form of GST, making corporate tax globally competitive, exempting sovereign wealth funds and pension funds from taxes, allowing 100% FDI through the automatic route in various sectors and decriminalizing minor economic offences. Today's new India is moving forward relying equally on the strength of its private sector. We have also opened up many strategic sectors like defence, mining and space for the private sector. Moreover, dozens of Labour Laws have been amalgamated in 4 codes which too is a major step!
Friends,
To reduce the burden of compliances, unprecedented efforts are underway at both the Centre and the State level. About 40,000 compliances have been done away with in the last few years. Recently, we have started the National Single Window System, which has been adopted by Madhya Pradesh too. About 50,000 approvals have been given so far under this system.
Friends,
India's modern infrastructure, multimodal infrastructure is also giving rise to investment possibilities. In the last 8 years, we have doubled the speed of construction of National Highways. During this period the number of operational airports in India has doubled. There has been an unprecedented improvement in India's ports handling capacity and port turnaround. Dedicated freight corridors, industrial corridors, expressways and logistic parks are becoming the identity of New India. For the first time in India, a national platform for infrastructure building in the form of PM Gatishakti National Master Plan has been created. On this platform, there is updated data related to the governments, agencies and investors of the country. India is committed to establish its identity as the world's most competitive logistics market. With this aim, we have implemented our National Logistics Policy.
Friends,
India ranks 1st in terms of smartphone data consumption. India ranks first in Global FinTech as well as IT-BPM outsourcing distribution. India is the world's third largest aviation market and third largest auto market. Today everyone is optimistic about India's excellent digital infrastructure. You know very well how important this is for the next phase of global growth. On the one hand, India is providing optical fiber network to every village, while on the other hand, it is rapidly expanding the 5G network. Be it 5G or Internet of things or AI for consumers and industries, every new opportunity being created will accelerate the pace of development in India.
Friends,
Today, ‘Make in India’ is getting a fresh boost due to all these efforts. India is rapidly expanding in the world of manufacturing. Under the Production Linked Incentives schemes, incentives worth more than Rs 2.5 lakh crore have been announced. This scheme is becoming popular among manufacturers around the world. Under this scheme, products worth about Rs 4 lakh crore have been produced in different sectors so far. Hundreds of crores of rupees have been invested in Madhya Pradesh under this scheme. This scheme is also vital in making MP a major pharma hub and a huge textile hub. I urge the investors coming to MP to reap the maximum advantage of the PLI scheme.
Friends,
All of you should also join India's aspirations regarding green energy. A few days ago, we have approved Mission Green Hydrogen. It is bringing investment possibilities of about Rs 8 lakh crore. This is an opportunity not only for India but also to meet the global demand. Incentives worth thousands of crores of rupees have been arranged under this campaign. You must also explore your role in this ambitious mission.
Friends,
Be it health, agriculture, nutrition, skill or innovation, new possibilities are waiting for you in every field in India. It is time to build a new global supply chain along with India. So, once again I extend my heartiest welcome to all of you. I extend my best wishes for this summit. I can confidently say that the power of Madhya Pradesh and the resolutions of Madhya Pradesh will take you two steps ahead in your progress. Heartiest thanks to all of you!
DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.